Elliott wave analysis of EUR/JPY for March 19, 2014
March 19, 2014 8:35 am
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.58
R1: 141.48
Current spot: 141.40
S1: 141.08
S2: 140.74
S3: 140.45
Technical summary:
The X wave from 136.23 became more complex than first expected, but it most likely ended with the test of 143.79 and the second zig-zag correction lower is likely developing. In the short-term, we will likely see a decline in red wave v towards the 139.79-140.20 area to end the first small impulsive decline from 143.79. This first impulsive decline should be followed by a minor correction higher towards 142.00 and maybe even a little higher towards 142.40 before the next impulsive decline lower towards at least 136.46.
Trading recommendation:
Sell EUR at 141.90 with a stop at 143.80.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 141.87
R2: 141.58
R1: 141.48
Current spot: 141.40
S1: 141.08
S2: 140.74
S3: 140.45
Technical summary:
The X wave from 136.23 became more complex than first expected, but it most likely ended with the test of 143.79 and the second zig-zag correction lower is likely developing. In the short-term, we will likely see a decline in red wave v towards the 139.79-140.20 area to end the first small impulsive decline from 143.79. This first impulsive decline should be followed by a minor correction higher towards 142.00 and maybe even a little higher towards 142.40 before the next impulsive decline lower towards at least 136.46.
Trading recommendation:
Sell EUR at 141.90 with a stop at 143.80.
The material has been provided by InstaForex Company – www.instaforex.com
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